Review of 1Q 2023 Trade Performance
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: Review of 1Q 2023 Trade Performance

MR No.: 022/23

Singapore, Thursday, 25 May 2023


Total Merchandise Trade

  • Declined by 7.8% in 1Q 2023, extending the 1.0% decrease in 4Q 2022
  • Non-oil trade declined by 9.5%; oil trade saw flat performance (0.0%) amid lower oil prices compared to a year ago
  • Both non-oil domestic exports (NODX: -16.2%) and re-exports (NORX: -5.5%) declined

2023 Forecasts

  • Downgraded to “-8.0% to -6.0%” for total merchandise trade and “-10.0% to -8.0%” for NODX; due to worse-than-expected performance to-date, weighed down by the manufacturing downcycle and lower expected oil prices

Total Services Trade

  • Increased by 1.7% to reach S$186 billion in 1Q 2023

Click here to read the full report.